Technology to drive progress in life insurance industry, says survey

The life insurance industry may be entering a period of advanced acceleration due to the use of new technology, according to a new survey of top industry executives by the international insurance association LOMA.

The survey asked executives what they felt the life insurance industry would look like in 10 years. Among the changes were improvements that would occur due to technological advancements with mobile devices and "push alert/service" technologies that would make it possible for providers to give comprehensive financial solutions to their customers in more efficient manners.

"Over the next ten years, advancements in service and technology will continue to transform our industry," said Robert Kerzner, president and CEO of LOMA. "While technology is the enabler to reach more consumers through the Internet, the ability to integrate data across the organization will afford companies the ability to engage in predictive modeling, data mining and forecasting. It will provide them a 360-degree view of their customers, which will better serve the customer and improve companies' productivity."

The survey also found that many expect the basic features of the industry to evolve as many providers adjust how they deal with performance guarantees, fee disclosure, de-risking and longevity.

With more than 3 million people from the Baby Boomer generation turning 60 years old in 2010 alone, the industry expects to see a boost in customers as retirement income grows at an increased pace.